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  1. #1
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    How do you save money as a DCP?

    I'm just curious if anyone has thought of all the ways in which they are saving money being a home based daycare provider versus working out of the home? The things I'm saving money on are:
    - childcare (for my own kids)
    - gas
    - business clothes
    - lunches out
    - groceries (yes, technically one buys more groceries, but my own family's grocery bill is less because I'm now buying more in bulk and am better at meal planning so there is less food going to waste).

    Any others that people have noticed?

  2. #2
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    For some provinces, Childcare is more expensive actually. If I had children in my daycare, I'd have to include them in my numbers, essentially paying myself (loosing that money) and I charge more than what I'd pay, if I used a centre. Just something I've thought about in regard to having children of my own lol.

  3. #3
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    Quote Originally Posted by 5 Little Monkeys View Post
    For some provinces, Childcare is more expensive actually. If I had children in my daycare, I'd have to include them in my numbers, essentially paying myself (loosing that money) and I charge more than what I'd pay, if I used a centre. Just something I've thought about in regard to having children of my own lol.
    Good point. I guess I'm technically not saving money on childcare. That being said, it's sure nice not to have half of my paycheck go to another daycare each month!

  4. #4
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    What about all the tax write offs ...that's the biggest for me

  5. #5
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    Quote Originally Posted by Crayola kiddies View Post
    What about all the tax write offs ...that's the biggest for me
    I don't you profit from a tax write off though. I think it is similar to the 'saving childcare fees' If you can't fill a space with a paying child because your child is there you are not saving childcare fees. I would think most, if not all, tax write offs are only there on items you pay more for by working at home so saving on them is not putting you ahead. You can claim food costs...but you wouldn't be feeding those kids if you worked outside the home.

  6. #6
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    Quote Originally Posted by 5 Little Monkeys View Post
    For some provinces, Childcare is more expensive actually. If I had children in my daycare, I'd have to include them in my numbers, essentially paying myself (loosing that money) and I charge more than what I'd pay, if I used a centre. Just something I've thought about in regard to having children of my own lol.
    I agree. Most provinces own children count in ratios, some until long after own child is 12, so child care saving cost inaccurate since losing income for each household child = paying for childcare costs.

    I also disagree with food saving in original post. Can buy in bulk regardless but still feeding 4-6 children and there is large cost to 2 snack and lunch each day. Food is this household biggest expense, and there only my husband and I now plus daycare children.

    Also cost more in CPP and health insurance. Private health insurance for self-employed has not employer contribution or group plan perks so much dearer (although 100% tax deductible) and lower cover than many employment plans. CPP for self-employed mean paying whole contribution too vs part with employer contribution.

    Real saving is hard to measure.

    Yes, no business clothes to pay for but still wearing clothes. When work outside home, might need different clothes but there still cost for them, still need certain amount of clothes, still need laundering.

    Tax deductible expenses like heat, maintenance, property tax, we still pay 100% of cost it just that self-employment mean they come off profit line before we pay tax so we not saving those deductible costs but just saving paying the tax on them. When consider water bill higher due to volume of toilet flushing and extra laundry from bedding, heat cost higher from being home all day, power cost higher from all day use, increased maintenance cost from higher volume of people and so more wear and tear on home, I pretty sure that the costs which do come out of pocket are dearer than the taxable part of the increased costs which we save by them coming off our top line.

    When look at reality that empty spaces/spaces occupied by own minor children/extra cost for CPP or pension, or health insurance, often after expenses we making under min wage. I not believe with all these aspect really considered we saving money by running daycare at all.

    When look at figures honestly, it come down to preference to work from home and contribute without having to travel to external employment, without having deal with workplace politics. But if someone looking at this industry to save money, they be sadly disappointed when they really look at "savings".
    Last edited by Suzie_Homemaker; 03-30-2016 at 05:01 AM.

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  8. #7
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    Quote Originally Posted by Lee-Bee View Post
    I don't you profit from a tax write off though. I think it is similar to the 'saving childcare fees' If you can't fill a space with a paying child because your child is there you are not saving childcare fees. I would think most, if not all, tax write offs are only there on items you pay more for by working at home so saving on them is not putting you ahead. You can claim food costs...but you wouldn't be feeding those kids if you worked outside the home.
    Well fortunately for me My own kids don't count in my numbers and I can write off a portion of my property taxes, mortgage interest , utilities, maintenance fees around this house , cell phone bills , and about 6k in food and I don't even have to leave my home .... I don't have to pay gas or extra wear and tear on my car , work place clothes, the odd lunch out .... Daycare fees/ camp fees for the summer/ Christmas/ March break because while my three kids don't count in my numbers they are not old enough to stay at home alone .... The list goes on .... I feel the pros of working from home far outweigh the cons plus my boss rocks!

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  10. #8
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    Quote Originally Posted by Crayola kiddies View Post
    Well fortunately for me My own kids don't count in my numbers and I can write off a portion of my property taxes, mortgage interest , utilities, maintenance fees around this house , cell phone bills , and about 6k in food and I don't even have to leave my home .... I don't have to pay gas or extra wear and tear on my car , work place clothes, the odd lunch out .... Daycare fees/ camp fees for the summer/ Christmas/ March break because while my three kids don't count in my numbers they are not old enough to stay at home alone .... The list goes on .... I feel the pros of working from home far outweigh the cons plus my boss rocks!
    Yes but you not actually get that money you write off. You paid it out but you not getting it back. All you getting from the "write off" is the amount you would have be taxed.

    i.e. Earn $10k. Property tax = $2k. Write off $500. Not get $500 back, just get $500 taken off profit and not included in personal taxes so actual write off is only the tax you would have paid on the $500 not the actual $500.

  11. #9
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    Well the way I see it is if I worked out of the home grossing what I grossed this year I wouldn't have had all the write offs and thus lowering my gross to what my net was this year and therefore paying way more taxes then I did .... And I don't have to leave my home or work for someone else

    So essentially I saved money in income tax

  12. #10
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    I agree with Suzie 100%!! A tax write off does not create an equal amount of cash in my pocket. It gives me a lower tax bill but i still had to spend all of that money in the first place. If I worked outside of the home I wouldn't have spent that money. I wouldn't have spent that $8000 in groceries, the heat/power bills would have been lower etc. Although I love my job, I do it because it is comfortable and convenient for my family and I. Pretty sure most of us would agree that the pay is pretty s%&tty and a out of home job that paid the same would be very sh$t to ha ha! I am positive I would be in the same financial situation either way. I can not imagine getting up everyday for a job outside of my home that paid this low....the rewards of working at home for me are worth it for me.

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